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Public Finance Wrap-Up: November 2018

December 3, 2018
Rockefeller Center’s outdoor displays change with the seasons and provide a festive atmosphere for its throngs of visitors

Investor Relations Website Receives Update

New York City’s investor relations website has been updated to make it easier to access relevant information and streamline its visual presentation. Let us know what you think.

November 2018 Financial Plan

The Mayor’s Office of Management and Budget (OMB) released a Financial Plan update on November 8. Recent financial developments and other data from this update are reflected in the Official Statement published November 30 in connection with the General Obligation bond sale described below.

New York City released its user-friendly Popular Annual Financial Report (PAFR) for the fiscal year ending June 30, 2018. The PAFR presents financial information about the City in a concise and simplified format.

 $1.2 Billion General Obligation Bond Sale

New York City sold approximately $855 million of tax-exempt General Obligation bonds via negotiated sale and $350 million of taxable General Obligation bonds via competitive sale on November 29. During a two-day order period for retail investors, the City received $327 million of orders for the tax-exempt bonds. On the day of pricing, the City received more than $1.2 billion in orders from institutional investors, allowing the City to reduce yields on the tax-exempt bonds by up to 3 basis points. Bank of America Merrill Lynch served as book-running senior manager for the transaction, with Blaylock Van serving as joint lead manager. Citigroup Global Markets won the competitive bid for approximately $223.3 million of the taxable bonds and Bank of America Merrill Lynch won the competitive bid for the remaining $126.7 million of taxable bonds. Read Full Press Release.

NYC Bond Fact – Planning Ahead

New York City’s Financial Plan helps give a sense of the City’s projected capital borrowing needs. These future estimates are updated with each Fiscal Year’s Financial Plan. The chart below shows how the City’s recent Capital Plan estimates have changed from several years out, through to budget adoption.

Chart of Capital Borrowing Over Time

Source: Financial Plans for Fiscal Years 2011-2018

Looking Ahead

The New York City Housing Development Corporation plans to offer fixed rate tax-exempt new money and refunding bonds via negotiated sale the week of December 2nd. Sign up to receive notices of upcoming sales here.

As always, we appreciate your interest in New York City bonds.

Marj Henning
Deputy Comptroller for Public Finance

Postcard from New York
Rockefeller Center’s outdoor displays change with the seasons and provide a festive atmosphere for its throngs of visitors.

Notice and Disclaimer

Under no circumstances shall the information on this website constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Offers to purchase securities may be made only through a registered broker-dealer and through an official statement.

The information contained on this website has been included for general informational purposes only and no person should make any investment decision in reliance upon the information contained herein.

Bonds may not be sold, nor may an offer to buy be accepted, prior to the time an Official Statement is delivered in final form. A definitive Official Statement with respect to any bonds will be made available concurrently with their sale. A Preliminary Official Statement for any bonds may be obtained from the firms listed on the cover of the Preliminary Official Statement and on this website.

Any Preliminary Official Statement relating to bonds included on the Upcoming Transactions page is provided only as a matter of convenience.

For investment advice on bonds, please contact your investment advisor.

No statement found on this website is incorporated by reference in any Official Statement for the bonds and no statement on this website is part of any Official Statement.

By choosing to continue and view the information on this website you are acknowledging that you have read and understood and accept the terms of this Notice and Disclaimer.

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Aug
2022